(a) As used in this section, “state agency” also includes institutions of higher education. “State agency” does not include the department of treasury, the Tennessee financial literacy commission, the Tennessee consolidated retirement system, or any office of a constitutional officer of this state.
Contract: A legal written agreement that becomes binding when signed.
Contract: means any duly authorized and legally binding written agreement for the procurement of goods and services. See Tennessee Code 12-3-201
Procurement: means buying, purchasing, renting, leasing, or otherwise acquiring of any goods or services. See Tennessee Code 12-3-201
Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
Services: means all services and agreements obligating the state, except services for highway and road improvements governed by title 54 and design and construction services governed by title 4, chapter 15. See Tennessee Code 12-3-201
State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
State agency: means any state governmental entity, other than the central procurement office and those state entities exempted by §. See Tennessee Code 12-3-201
(b) Prior to the procurement of a contract for services between a state agency and a private party in excess of two and one-half million dollars ($2,500,000) and that results in the layoff or furlough of one (1) or more state employees, the state agency shall produce an economic impact statement using professionally accepted methodologies. The economic impact statement must include the information identified in § 4-33-104(b).(c) An economic impact statement produced under subsection (b) must be submitted to the fiscal review committee for dissemination to the members of the general assembly no less than forty-five (45) days prior to the execution of the contract.(d) Upon receipt of an economic impact statement under subsection (c), the chair of the fiscal review committee may schedule a hearing to review the economic impact statement.(e) A state agency notified of a hearing conducted under subsection (d) shall provide the fiscal review committee, upon request, any information reasonably related to the proposed contract that the committee deems relevant; provided, that a state agency is not required to produce privileged information or any record that is not open for public inspection pursuant to state law.(f) Upon compliance with subsections (b) and (c), nothing in this section prohibits a state agency from executing a proposed contract for services that is subject to this section.(g) This section applies only to contracts procured on and after March 9, 2018, and does not apply to any contract for services executed on or before March 9, 2018, including, but not limited to, any option for renewal or extension of such contract.
